rideshare insurance Ohio
As an independent insurance agent at Blake Insurance Group, I’ve seen firsthand how rideshare driving has transformed the transportation landscape in Ohio. From Columbus’s bustling streets to Cincinnati’s scenic routes, Uber and Lyft drivers provide valuable service to our communities. But with this new opportunity comes a unique set of challenges, particularly regarding insurance coverage.
Are you protected when you’re waiting for a ride request? What happens if you’re in an accident while driving a passenger? These are questions that keep many Ohio rideshare drivers up at night. And for good reason – did you know that your personal auto policy likely won’t cover you when driving for Uber or Lyft? This coverage gap can leave you financially vulnerable in an accident.
But don’t worry – that’s where rideshare insurance comes in and is more affordable than you might think. In this article, we’ll dive into Ohio’s rideshare insurance world. We’ll explore the coverage options available, discuss the legal requirements, and share some insider tips on protecting yourself and your vehicle while maximizing your earnings as a rideshare driver.
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Whether you’re a seasoned pro navigating the traffic of Cleveland or just considering joining the rideshare revolution in Toledo, this guide will help you confidently navigate the complex world of insurance. After all, as your local insurance agent, my job is to ensure you’re protected no matter where the road takes you in the Buckeye State.
Understanding Rideshare insurance Coverage Gaps
When driving for Uber, Lyft Doordash, Veyo, your personal auto policy typically won’t cover you during certain periods of your work. This creates a potentially risky situation where you might find yourself without adequate protection.
The coverage gap usually occurs during what’s known as “Period 1” – when you’re logged into the rideshare app but haven’t yet accepted a ride request. During this time, your personal policy isn’t in effect, and the rideshare company’s insurance provides only limited liability coverage.
Here’s a breakdown of the coverage periods:
Offline: Your personal auto insurance applies
App on, waiting for a request (Period 1): Limited liability coverage from rideshare company
En route to pick up a passenger: Full commercial coverage from rideshare company
A passenger in the car: Full commercial coverage from the rideshare company
In Ohio, during Period 1, rideshare companies are required to provide at least $50,000 per person and $100,000 per accident for bodily injury liability, and $25,000 for property damage liability. However, this coverage is still limited compared to the full commercial coverage provided during active rides.
Without rideshare insurance, you could be personally liable for any accidents or damages that occur during this gap period. This could mean paying out of pocket for repairs, medical bills, or even legal fees if you’re sued.
Rideshare insurance can fill these gaps in coverage. Many insurance companies offer rideshare endorsements that can be added to your existing personal auto policy. These typically cover you during Period 1 and can cost as little as $10-$20 extra per month.
Remember, every insurance company handles rideshare coverage differently. Some offer endorsements to your personal policy, while others provide separate rideshare policies. It’s important to shop around and compare options to find the best coverage for your specific needs as a rideshare driver in Ohio.
State Legal Requirements for rideshare insurance Ohio
In Ohio, the legal requirements for rideshare insurance are as follows:
Minimum Coverage Requirements
When the driver is logged into the app but hasn’t accepted a ride (Period 1):
– $50,000 per person for bodily injury liability
– $100,000 per accident for bodily injury liability
– $25,000 for property damage liability
When the driver has accepted a ride or is transporting a passenger (Periods 2 and 3):
– $1 million in liability coverage for bodily injury and property damage
Additional Requirements
– Drivers must maintain personal automobile insurance at mandatory minimum limits and provide proof of insurance to drive with rideshare companies.
– The required coverage can be provided through the driver’s personal policy, the rideshare company’s policy, or a combination of both.
– Rideshare companies must carry $1 million in total liability insurance for periods when a passenger is in the vehicle.
Background Checks
Ohio law requires rideshare companies to perform background checks on their drivers, including examining the applicant’s driver’s license, driving record, vehicle documentation, criminal records, and sex offender registry.
Vehicle Inspections
Rideshare drivers in Ohio must have their vehicles inspected annually, although these inspections may not be as rigorous as those for commercial taxis.
It’s important to note that while these are the minimum requirements, rideshare companies often provide additional coverage, and drivers may choose to purchase supplemental rideshare insurance for added protection.
Cost Considerations rideshare insurance in Ohio
Average Costs
Adding a rideshare endorsement to your existing policy typically costs an extra $20-$30 monthly. However, costs can vary significantly based on several factors.
State Farm Progressive and USAA offer Ohio’s most competitive rideshare insurance rates.
Factors Affecting Price
The cost of your rideshare insurance will depend on:
– Your driving history
– The type of vehicle you use
– Your location in Ohio
– The insurance company you choose
– The level of coverage you select
| Insurance Company | Average Monthly Cost |
|---|---|
| State Farm | $142 |
| USAA | $136 |
| Progressive | $193 |
| Allstate | $255 |
Value Proposition
While adding rideshare coverage will increase your premium, it’s important to consider the value it provides. This additional coverage fills crucial gaps that could otherwise leave you financially vulnerable. For many of my clients, the peace of mind is well worth the extra cost.
Saving on Rideshare Insurance
To keep your costs down, consider:
Shopping around and comparing quotes from multiple providers
Bundling your rideshare coverage with other policies
Maintaining a clean driving record
Choosing a higher deductible if you’re comfortable with more out-of-pocket costs in case of a claim
Remember, while cost is an important factor, it shouldn’t be the only consideration when choosing rideshare insurance. Ensure you understand the coverage provided and how it aligns with your specific needs as a rideshare driver in Ohio.
Rideshare insurance Coverage Options in Ohio
Major Providers
Several reputable insurance companies offer rideshare coverage in Ohio:
State Farm: They’re often a popular choice for rideshare drivers. Their comprehensive coverage typically adds about 15-20% to your current premium.
Progressive: Offers rideshare insurance either as an endorsement on a personal auto policy or as a commercial for-hire livery policy.
USAA: Available for military members and their families, often providing competitive rates.
Allstate: Offers rideshare coverage in Ohio.
GEICO: Provides rideshare insurance options for Ohio drivers.
Types of Coverage
Rideshare Endorsements
Many insurers offer rideshare endorsements that can be added to your existing personal auto policy. These typically cover you during Period 1 (when you’re logged into the app but haven’t accepted a ride) and can cost as little as $10-$20 extra monthly.
Extended Coverage
Some insurers, like State Farm, offer more extensive coverage. Their rideshare endorsement extends your personal policy coverage through all periods of rideshare driving, even when you have a passenger.
Commercial For-Hire Livery Policies
Commercial for-hire livery policies are available for full-time rideshare drivers or those looking for more comprehensive coverage. These typically cover both personal and business use of your vehicle.
Remember, the right coverage for you depends on your specific situation. How often do you drive? What kind of vehicle do you use? What’s your risk tolerance? We’d discuss these questions when finding the best coverage for you at Blake Insurance Group.
FAQs About Rideshare Insurance in Ohio
Blake Insurance Group
Phone: (888) 387-3687
Email: [email protected]
Hours: Mon-Fri 9:00 am to 5:00 pm
Sat-Sun: Closed
Blake Nwosu
Owner & Principal Agent